The Truth About Mortgage Blog

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Welcome to a warm, friendly, and most importantly unbiased place to learn about mortgages, ideally before you make contact with a real estate agent or lender. The more you know, the better you’ll feel, and hopefully all that hard work will help you snag a lower mortgage rate too! View all mortgage help topics to get started or check out the latest mortgage tips and news below.

Latest Posts

Interest Rate Reset Chart

October 25, 2007 No Comments »

So you’ve probably heard all about the mortgage rate resets that will occur over the next decade, but now you can see them in colorful graph form! The graph above, based on Credit Suisse data and recently published by the ... Read More »

Bank of America to Exit Wholesale Lending

October 25, 2007 No Comments »

In a somewhat surprising move, Bank of America is ceasing its wholesale lending business amid the ongoing turmoil in the mortgage industry. “While we are extremely proud of our strong track record in the wholesale business, we believe our long-term ... Read More »

Countrywide’s Option Arm Nightmare

October 24, 2007 No Comments »

Option arm loans, the ones that allow borrowers to choose from four payment options, will likely come back to haunt Countrywide and the investors who bought securities containing the loans for years to come. According to an analysis prepared for ... Read More »

National City Profit Hit by Mortgage Losses, More Layoffs

October 24, 2007 No Comments »

Cleveland-based bank National City Corp. said Wednesday that third-quarter profits were down 80 percent, largely due to mortgage losses. The firm announced third-quarter net income of $106 million, or 18 cents a share, compared to $526 million, or 86 cents ... Read More »

Merrill Lynch Takes Huge Mortgage Hit

October 24, 2007 No Comments »

Merrill Lynch& Co. Inc. announced third-quarter earnings Wednesday morning, revealing a huge mortgage-related hit and its first quarterly loss since 2001. For the quarter, Merrill posted a net loss of $2.3 billion, or $2.85 a share compared to a profit ... Read More »

Diablo Funding Group Shutting Down

October 23, 2007 No Comments »

Diablo Funding Group, one of the largest independent mortgage brokerages in Northern California, is shutting down operations this week amid the ongoing mortgage crisis. CEO Anthony Battagello pointed to recent difficulties in the housing and mortgage industry, saying “The economic ... Read More »

Countrywide Launches Home Preservation Program

October 23, 2007 No Comments »

Early Tuesday morning Countrywide Financial Corp., the largest U.S. mortgage lender, offered to refinance or modify up to $16 billion of adjustable-rate mortgages through the end of 2008. The lending giant said it plans to modify $4 billion in loans ... Read More »

Mortgage-Backed Securities Volume Plummets

October 22, 2007 No Comments »

According to JPMorgan Chase & Co., the monthly issuance of subprime mortgage and home equity loan-backed securities stood at $2.65 billion through October 19th, marking a 94 percent decline from volume a year ago. Since July 1st, only $12.36 billion ... Read More »

House Introduces Mortgage Reform Bill

October 22, 2007 No Comments »

The House introduced legislation this morning that would require all loan originators to be licensed, while protecting borrowers from forms of predatory lending and penalizing securitizers for bad loans. “The Mortgage Reform and Anti-Predatory Lending Act of 2007” will “establish ... Read More »

Lehman Downgrades Countrywide, IndyMac, and WaMu

October 22, 2007 No Comments »

Before the bell Monday morning, securities firm Lehman Brothers downgraded several mortgage lenders, including Countrywide, IndyMac, and Washington Mutual. The firm cited the ongoing problems in the mortgage finance sector, and said that loan losses were likely to get larger. ... Read More »